Washington DC - A small band of crypto traders reportedly managed to hit the jackpot after dumping their purchases of First Lady Melania Trump's meme coin before it even went public.

According to a report from The Financial Times, two dozen digital wallets bought a combined $2.6 million of coin on January 19.

Only two and a half minutes later, Melania announced the launch of her $Melania coin on social media, which initially sent it soaring in value.

Many of the top traders quickly began dumping their shares, and within 12 hours, 81% of the coins purchased were sold, netting traders a collective $99.6 million.

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Critics have likened the "suspicious" activity to insider trading and manipulation of the market, but as crypto lacks any regulation or oversight, the anonymous traders will likely not face any type of punishment.

Melania's memecoin, which is only a speculative crypto token, was launched two days after her husband, Donald Trump, launched his own, and hours before his inauguration for his second presidential term.

It's worth noting that there were no instances of pre-launch purchases upon the launch of President Trump's coin.

President Trump has faced heavy criticism over the coin, with many accusing him of unlawfully profiting off his position, but he has repeatedly dismissed the argument.

His coin recently saw a huge spike last month after he revealed large holders would be eligible to join him for a private dinner at Mar-a-Lago.